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September/October 2011
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Disclaimer
Statements in this presentation describing the objectives, projections, estimates and expectations of the Company i.e. Tata Motors Ltd and its direct and indirect subsidiaries and its associates may be forward looking statements within the meaning of applicable securities laws and regulations. Actual results could differ materially from those expressed or implied. Important factors that could make a difference to the Companys operations include, among others, economic conditions affecting demand / supply and price conditions in the domestic and overseas markets in which the Company operates, changes in Government regulations, tax laws and other statutes and incidental factors FY 11 represents the period from 1st April 2010 to 31st March 2011 FY 10 represents the period from 1st April 2009 to 31st March 2010 Financials contained in the presentation are in Indian GAAP USD/INR Conversion rate used in the presentation is as below FY 11 : 45.54 FY 10 : : Q1 FY12 : 44.74 Q1FY11 :
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45.14 45.68
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Tata Motors
Indias Largest Automobile Company 3rd Largest Bus Manufacturer in Medium & Large Buses in The World (>8t) 4th Largest Truck Manufacturer in The World (>8t) Largest Portfolio Of Products (Light, Medium And Heavy Trucks, Buses & Coaches, Passenger Cars & Uvs) Over 1,400 engineers and scientists in six R&D centres in India, South Korea, Spain and the UK Global presence with facilities in UK, Korea, Spain, Thailand, South Africa Market Leader In Commercial Vehicles (Market Share ~ 60-65% in major segments) 3rd Largest Player In Passenger Cars SALES Revenue PBT : : FY 09-10 872,951 units : USD 20.5 Bn USD 780 Mn FY 10-11 1,080,994 units USD 27.0 Bn USD 2.3 Bn
TATA MOTORS
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FY 2011 Consolidated Global sales volume crosses 1 million Turnover crosses Rs 1 lakh crs, PBT crosses Rs 10,000 crs
FY11 Rs Crores 123,133 17,780 14.4% 90 10,437
#
Particulars Net Revenue EBITDA EBITDA margin Other Income PBT PAT
FY10 USD Mio 20,496 1,908 9.3% 397 780 570 1,427
9,274
#*
C ash Profit
13,470
# After Minority Interest and share of Profit/(loss) in respect of associate companies * Cash Profit = EBITDA + Other Income Product Development Expenses Net Interest - Tax Paid EBITDA excludes Other Income
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* Cash Profit = EBITDA + Other Income - Product Development Expenses Net Interest - Tax Paid EBITDA excludes Other Income
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GBP Million Net Revenue EBITDA EBITDA margin PBT PAT Cash Profit *
* Cash Profit = EBITDA + Other Income - Product Development Expenses Net Interest - Tax Paid
EBITDA excludes Other Income INVESTOR RELATIONS 8
In USD Mio 4,210 54 460 7,201 11,925 1,818 47 42 350 7,778 10,035
Successfully completed QIP issue of shares aggregating USD 750 mn FCCNs of ~ USD 326 mn equivalent were converted to equity during the year Net Automotive Debt / Equity stood at 0.68 as on March 31, 2011 vs 2.41 on March 31, 2010. Overall capex spend of ~ Rs 8,521 crs in FY11. (JLR ~ GBP 775 mio); (TML ~ Rs 2,391 crs)
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High
between 2014,
2010 the
and total
Medium
Increase in Consumerism 60% 600
investment potential in the roads sector ~ Rs 5,216 billion. The breakup of as investments below -
Low
0 Increase in Urbanization India has 10 of the 30 fastest growing urban areas of the world By to 2050, move a to massive urban 700 15 64 years Under 15 years 2000 2020 (E) Over 64 years
50%
in in
level led
& to
million people are expected Indian cities Source: Goldman Sachs Report
Source: Crisil
Liberalization
Delicensing (93), QR removal Entry of foreign players (OEM) Technical collaborations Environmental concerns Boom in Auto financing Buyers market Economic down cycle (97-00)
Globalization
Removal of most import Indian PV companies V+ C 1.95 Mn gaining
2.48 Mn controls
PV
global identity
Domestic Sales
0.53 Mn
CV
3W 2W G Total
Between FY2002 to 2007 Indian Auto Industry grew at a CAGR of 12% before shrinking marginally around 2008 , however retracing the growth story again
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Tata Motors
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Passenger Vehicles
Range comprises of compact cars-Indica and the Indica Vista, the mid-sized cars Indigo and the Indigo Manza, the worlds most affordable car the Tata Nano, number of utility vehicles, (UVs) - Sumo, and the sports utility vehicle, or SUV, Tata Safari the lifestyle pickup, the Xenon XT and the newly launched premium Crossover, the Aria and the Multipurpose Utility Vehicle (MPV) the Venture. Among the top three players in India with market share of ~ 13% Tata Indica, introduced in 1998 is India's first indigenously manufactured passenger car
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Nano
Sumo Grande
Fiat Linea
Indigo Manza
Aria
Xenon XT
Upcoming Q4FY08 Q2FY09 Q4FY09 Q1FY10 Q3FY11 launch New Safari Refresh
Indica Vista
Fiat Punto
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Tata Nano
Space Comfortable seating for 4 persons Mono volume design Power train at rear Fuel efficient engine All Aluminum, 2 cylinder 623 cc, 33 PS MPFI engine Designed for maximizing performance per unit of energy Exceeds current Safety requirements Crumple zones, intrusion resistant doors Seat belts and strong seats Compliant with Emission requirements Lower pollution than 2 wheelers Low carbon footprint
Tata Motors
Nano
Aria
and more .
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Ratan N. Tata N.N. Wadia R A Mashelkar S.Bhargava Ranendra Sen Carl-Peter Forster C. Ramakrishnan
Chairman Director Director Director Director MD & Group CEO Chief Financial Officer
Tata Motors is part of the Tata Group of Companies, one of Indias largest and most respected business conglomerates with more than 90 operating companies in seven business sectors. Tata Motors is the second largest company based on revenue in the Tata Group
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Education
Infrastructure & facilities up-gradation benefitting 50,000 students annually Teachers Training for more than 2000 primary teachers Nearly 500 students supported through scholarships annually
Employment
Technical and vocational training to 7000 people annually Adopted 21 Indian Technical Institutes under Public-Private Partnership Over 1600 women benefited through Self-Help Groups
Environment
Close to 100,000 trees planted annually Over 2000 families benefited from improved irrigational facilities Over 40000 community members sensitized on environmental issues Designing fuel-efficient engines, reducing weight of vehicles, discovering new technologies
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Employees from Thane playing Trees & Pipes, a game on environment friendly & unfriendly practices
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Sit & draw competition for children at Jamshedpur Employee volunteers planting trees in Nargismau Primary School, Lucknow
Vermi compost farm inaugurated in Lucknow plant which will convert canteen waste to manure Saplings been planted by villagers in Pantnagar CSR project area
Migratory birds around Nalsarovar lake in Sanand plant. Nalsarover is an ecolake formed by treated waste water
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Way Forward
Strong growth in demand continues Freight rates appear healthy with demand in haulage segment being robust 70% of nation wide road projects are yet to be completed. This provides huge growth potential for CV Industry Supply constraints continue but being addressed. Commodity prices & emission related cost pressure continues, Periodic price increases and aggressive cost reduction initiatives being pursued High inflation resulting in higher fuel costs & high interest rates poses a risk to demand NANO is launched on a pan India scale. Production to map demand pull. Tata Prima Construck range launched, Venture launched in Rajasthan and Maharashtra, new Tata Manza series launched New product pipeline: Magic Iris, Ace Zip, variants from the Prima Range, Vista variants, Safari refresh Exploring additional facility for ACE considering the strong demand outlook
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Premium sports saloons and sports cars Tradition of performance, design excellence and unique British style Rich history dating back to 1935 XK , XJ, XF
First Land Rover, Series I, produced in 1948 Range Rover, Range Rover Sport, Discovery, Freelander, Defender, Evoque 189,087 units
51,818 units
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Jaguar and Land Rover global growth opportunities for British iconic brands
Seize opportunity for JLR to deliver profitable growth from growing premium segments Capitalise on strong, globally recognised brands Invest substantially in new products and technologies - Deliver a combination of exciting all-new products, additional body-style derivatives and competitive power-train combinations Meet customer needs, and regulatory CO2 emissions requirements Enable profitable volume growth in both existing and new markets worldwide Transform the business structure to deliver sustainable returns Maintain strong liquidity position Aim to achieve additional synergies and continue to benefit from support from Tata Motors
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The next 3 year planning cycle to witness several new models and refreshments for Jaguar and Land Rover
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C-X75
Jaguar XJ
Range Rover
Evoque
and more .
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XF
XK Exterior and interior freshening Introduction 2.2 Ltr Diesel including stop start 8 speed transmission
Rear seat entertainment / enhancement Exclusive edition Introduced 3 Ltr petrol engine
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2011/12 Land Rover product actions.. Launching the all-new Range Rover Evoque
All new Range Rover Evoque smallest and most fuel efficient Range Rover For launch in September 2011 Available in 3 / 5 door
Discovery 8 speed rotary shift, dual view Freelander new grille
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Total vehicle financing disbursals (TMF) for FY11 were Rs. 7,908 Crs (~ USD 1.7 bn), an increase of 18%. The book size at the end of March 11 for TMFL and TML (Vehicle Financing) stood at about Rs 10,000 Crs (~ USD 2.2 bn). TMF market-share for FY11 stood at 21.4%. NIM of vehicle financing business (TMF ) for FY11 was 10.1%. TMF issued Unsecured Non-Convertible, Subordinated, Perpetual Debentures of Rs 150 crores towards Tier 1 capital
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Tata Technologies
FY11 FY10 Rs Crores Rs Crores % change 1249 187 15.0% 139 11.1% 1070 126 11.8% 91 8.5% 16.7% 48.3% 320 bps 52.8% 260 bps FY11 USD Mio 274 41 15.8% 31 11.1% FY10 USD Mio 237 28 11.8% 20 8.5%
Europe, 30%
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Tata Daewoo
FY11 Rs Crores 8748 2881 187 6.5% 73 2.5% FY10 Rs Crores 8769 2729 192 7.0% 82 3.0% FY11 USD Mio 8748 633 41.2 6.5% 16 2.5% FY10 USD Mio 8769 605 42.5 7.0% 18 3.0%
Particulars Sales (Units) Net Revenue * EBITDA * % of Revenues Net Profit % of Revenues
*excludes Other Income
FY 11 Market share stood at 23.2 % vs 26.1 % over FY 10 After termination of the earlier distribution arrangement, our sales company (100% subsidiary of TDCV) was launched in July 2010 in the domestic market. NSC operations now stabilized and being built up.
Been able to improve our market share sequentially on a quarter on quarter basis in FY 10-11 EBITDA and PAT margins have declined marginally due to lower volumes impacted by change in distribution arrangements.
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HV Axles Ltd
FY11 FY10 FY11 FY10 Rs Crores Rs Crores % change USD Mio USD Mio 312 184 59.1% 94 30.1% 239 137 57.5% 64 26.7% 30.7% 34.3% 160 bps 47.5% 340 bps 69 41 59.1% 21 30.1% 53 30 57.5% 14 26.7%
While overall cost pressures increased, EBITDA margins were supported by improved volumes and cost control initiatives
HV Transmissions Ltd
Particulars Net Revenue * EBITDA * % of Revenues Net Profit % of Revenues
*Excludes Other Income INVESTOR
FY11 FY10 FY11 FY10 Rs Crores Rs Crores % change USD Mio USD Mio 294 175 59.3% 91 30.8% 210 114 54.5% 53 25.1% 40.3% 52.5% 480 bps 72.4% 570 bps 65 38 59.3% 20 30.1% 46 25 54.5% 12 26.7%
Wef 1 April 2011, HV Axles & HV Transmissions to be amalgamated subject to regulatory approvals and proposed to be renamed as TML Drivelines Limited
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Credit Strengths
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Credit Strengths
Diversified global portfolio
Strong India Business with growing exports Continued emphasis on growth markets by JLR (China, Russia, India and Brazil)
Tata Motors is Indias largest automobile company and has a global footprint. Its portfolio comprises light, medium and heavy trucks, buses and coaches, passenger cars, crossovers and UVs 3rd largest global bus manufacturer 4th largest truck manufacturer in the world (>8 T) By far the market leader in Indias high growth CV industry 3rd largest auto company in Indias growing passenger car industry
Ranked 2nd most trusted in the category of four-wheelers (Passenger + Commercial Vehicles) in The Economic Times Brand Equity Most Trusted Brands survey for 2010
Unmatched network penetration in India with enhanced CRM real time service and leverage on competitive spare parts pricing to strengthen and sustain leadership position
Extensive global distribution network of JLR; operating in over 170 countries with 18 National Sales Companies and over 2200 franchise sales dealers
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Credit Strengths
Most respected brand in India, for trust and product value proposition Distinctive design, performance and build quality with strong brand loyalty New product actions to supplement the Jaguar, Range Rover and Land Rover brands
Brands
Track record of innovation, with industry firsts such as Production of Indias first indigenous car - Indica Creation of an all new small commercial vehicle sub segment with the introduction of Ace Development of Nano, the worlds smallest and least expensive car Development of the world truck platform - Prima range, which are modular in design and can be produced in over 1000 combinations in various tonnages Launch of Indias first crossover Aria Regular investments in R&D has enabled the launch of innovative products & target new segments
In house capabilities to manage the engineering and design needs of the group JLR has a track record of designing cars that are contemporary, while retaining the brand proposition
Industry leading technologies in lightweight Aluminum structures at JLR Industry leading off road capabilities at Land Rover On track to meet challenging emission standard, CO2 reductions etc
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Credit Strengths
The senior management have received managerial awards on Indian and global platforms in FY2011
Strong Management
Strong turnaround by JLR was supported by improved markets & the management response to challenges on the supply chain, prioritizing investments in products and maintain liquidity
Healthy FY 11 profits with strong India business & sustained profitability in JLR Significantly improved capital structure in line with deleveraging initiatives
Tata Motors Finance Ltd a 100% subsidiary, in FY 11 had ~ 21% market share in Tata Motors commercial & passenger vehicles
Tata Motor Finance provides both sourcing and servicing capabilities to Tata Motors. The finance company offers a range of automotive loans and value added products such as insurance, refurbishment and refinancing
Tata Motors benefits from being a part of the diversified Tata Group which has demonstrated its support to Tata Motors.
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Details
# After Minority Interest and share of Profit/(loss) in respect of associate companies EBITDA excludes Other Income Figures in brackets represent amounts pertaining to the corresponding quarter of the previous year
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Details
# After Minority Interest and share of Profit/(loss) in respect of associate companies EBITDA excludes Other Income Figures in brackets represent amounts pertaining to the corresponding quarter of the previous year
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Thank You
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